Mutual Assurance provides "replacement cost" coverage which typically pays the dollar amount it would take to buy a new item at the time of a claim. However, it is possible to purchase a homeowners policy in Virginia that will pay the full replacement cost of your personal belongings.We'll pay the replacement cost for items at the time of loss, then up to the full amount of the cost in today's market in the event of a covered loss. Replacement cost homeowners insurance provides the ability to rebuild or repair your home and replace personal belongings without deducting for depreciation. Personal property insurance pays to replace your belongings if they're stolen or destroyed. Here's what it covers and how to get it. It's also worth noting that items included in a special personal property endorsement may be covered on a replacement-cost basis. Replacement cost coverage means you can repair or replace your stolen or damaged property with items similar in quality and worth. Yes I agree replacement cost is important if a total loss of your personal property would put you in a bad situation; in most insurance markets. When you file a claim, your insurer may not pay out the full replacement cost of your home or belongings right away.
